The hit movies are the gifts that keep on giving for MGM. In addition to the jump in revenues, the studio says that James Bond and the residents of Middle Earth helped to raise Q3 net income by $23M vs the period last year — once you factor out last year’s $48.5M gain from the sale of MGM Networks to Liberty Global’s Chellomedia. The reported results, including last year’s sale, shows net income of $16.59M, -29%, with the revenue boost to $242.9M. TV licensing was +84% with pay TV and streaming revenues for Skyfall and The Hobbit: An Unexpected Journey as well as TV series Vikings and Teen Wolf. MGM says that there was “no similar film content” moving through its pipelines last year. The privately held company also reports that it doubled its share repurchase plan to $150M. That indicates MGM’s “continued confidence in the company and its prospects,” CEO Gary Barber says.
MGM Revenues +43% In Q3 With TV License Fees For ‘Skyfall’ And ‘Hobbit’
Trending Now on Deadline
'Ouija' May Scare Up $20M, 'John Wick,' No. 2 With A Bullet, Bill Murray Graces 'St. Vincent' In Box Office Weekend
More From Lieberman
- Does Alibaba Plan To Take Control Of Lionsgate?
- FCC Postpones Auction Of Broadcast TV Spectrum To 2016
- When Will Big Hollywood Studios Aggressively Produce Original Shows For Digital TV?
- AMC Networks And BBC Chiefs On The Future Of BBC America
- AMC Networks Pays $200M For 49.9% Of BBC America
- Amazon Shares Fall After Q3 Losses Exceed Expectations